FORT LAUDERDALE - Flora Growth Corp. (NASDAQ: FLGC), a global cannabis company, is set to enhance its presence in the German market following the country's move to legalize cannabis for recreational use.
With a footprint in Germany since 2017, Flora's subsidiaries were pioneers in the medical cannabis space, being the first to obtain a medical cannabis license and conduct a sale in the nation.
The German parliament recently passed legislation permitting the cultivation of up to three cannabis plants for private use, possession of 50 grams at home, and 25 grams in public spaces.
The law, expected to take effect from April 1, 2024, also allows the operation of not-for-profit social clubs starting July 1, 2024. Additionally, the reclassification of cannabis from a narcotic to a regulated substance is anticipated to simplify prescription requirements and improve patient access.
Flora Growth's CEO, Clifford Starke, expressed the company's readiness to capitalize on the new regulatory environment, citing a strategic partnership with TruHC Pharma GmbH, a Hamburg-based medical cannabis firm with EU-GMP certification. This collaboration, announced in August 2023, aims to bolster Flora's market share in Germany, which is projected to account for over half of the company's consolidated revenues.
This article is based on a press release statement.
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